A wide variety of different payment devices and/or payment accounts, such as credit card accounts, debit accounts, and/or stored value accounts, are utilized to facilitate transactions. Payment accounts may include both closed loop and open loop payment accounts. A closed loop payment account, such as a private label credit card account or a prepaid merchant-specific account, can only be utilized as designated locations and/or in association with designated merchants. For example, a merchant-specific card associated with a merchant-specific account can only be utilized at merchant locations associated with the merchant. Open loop payment accounts can typically be utilized at any location that accepts the payment account. For example, a Visa or Mastercard payment account may be utilized at any accepting merchant.
Regardless of the type of payment account, an issuer of the payment account may wish to establish various rules and/or parameters associated with the payment account's use. For example, a merchant may wish to allow a merchant-specific payment account to be utilized in association with other merchant in the event that certain criteria are met. Additionally, a consumer utilizing a payment account may wish to establish various rules and/or parameters associated with the payment account's use. Accordingly, there is an opportunity for improved systems and methods for processing transactions in which payment processing parameters are decoupled from a payment account issuer.